Can I Open a Business Bank Account Without a Deposit?

Written by
• 2 minute read
Can I open a business bank account without a deposit?

While many business banks require an opening deposit to open a new account, you can still find financial institutions that do not require a minimum initial deposit. Securing a deposit-free business checking or savings account is a great task to accomplish in the early days of your company. In fact, the U.S. Small Business Administration recommends opening a business bank account as soon as you start spending or accepting money on behalf of your company.1 Read our guide for more information about deposit-free business bank accounts, general application requirements and common banking fees.


Where Can I Open a Business Bank Account Without a Deposit?

Business bank accounts vary by financial institution, and specific requirements for opening or maintaining an account may also differ. Although you may find deposit-free business bank accounts at a local brick-and-mortar financial institution, they are more common at online banks.


What Are the Requirements to Open a Business Bank Account?

Specific requirements to open a business bank account can vary by financial institution, as well as the type of business bank account. However, businesses are generally required to have at least the following documents and information to open a business checking or savings account:

  • Business license
  • Employer Identification Number (EIN) or tax ID number
  • Company formation documents, including Articles of Incorporation, ownership agreements and other related documents, where applicable
  • Personal information of all owners, which may include driver’s license, Social Security number and/or passport


What Fees Are Associated With Business Bank Accounts?

Although some business bank accounts may not have a minimum opening deposit amount, they may be subject to other fees and usage charges. While they can vary by specific financial institution or type of account, some fees you may encounter for using a business bank account may include:

  • Deposit fees: This type of charge may apply to business bank accounts exceeding a daily, monthly or weekly deposit limit, where applicable.
  • Maintenance fees: Some banks may charge a maintenance fee or minimum account balance fee for accounts below a minimum monthly balance threshold.
  • Transaction limit fees: Unless you have a business bank account without transaction limits, you may encounter fees for transactions if your transfers and withdrawals exceed a monthly limit.




1U.S. Small Business Administration. (n.d.). Open a Business Bank Account.